Music Festivals Group - the company behind The Hop Farm and Benicassim - have gone into administration.
Vince Power is arguably the father of the modern British music festival. Steering the Mean Fiddler group to overwhelming success, the promoter transformed Reading from a ramshackle rock jaunt into the juggernaut it has become. Taking time out, Vince Power made his comeback via the Music Festivals Group. Holding stakes in both the Hop Farm and Benicassim, the organisation were expected to launch a new era in Power's career. Sadly, though, it looks set to end in tears.
This afternoon Music Festivals Group called in the administrators, with both events suffering badly in an overstocked marketplace. The Guardian reports that the company's shares were suspended on Friday at just 2.12p, making the company worth just £310,000. Back in August, the company told investors that it was looking to secure funding in order to cope with the current problematic season.
Unfortunately, it seems that Music Festivals Group have been unable to gain enough financial leverage to keep pushing forward. "The board has in recent weeks pursued a number of different funding proposals but the company has not been able to procure the necessary funding it requires," it said in a statement.